Towing and trailer manufacturer Horizon Global Corp. has hired a new CFO to take over for a turnaround management firm that has been steering the company's financial operations since October.

Barry Steele joins the Troy-based company effective Feb. 18, according to a Tuesday news release. Steele will take the role from Brian Whittman, managing director of New York City-based turnaround management firm Alvarez & Marsal North America LLC. Whittman will continue as vice president of finance for the company until it files its 10-K annual report, which it typically does on March 1 each year.

Steele comes from Northville-based electronic parts supplier Gentherm, where he was CFO for 14 years. Prior to that, he was CFO of the now-defunct Advanced Accessory Systems. He is a certified public accountant and earned a bachelor's degree from Hillsdale College.

"The addition of Barry Steele to our management team is another important step forward in advancing the company's progress towards driving operational improvements and improving our overall financial performance," Carl Bizon, who was appointed permanent CEO in October, said in the release.

Steele joins the company as it works to correct faltering operations. Horizon Global, which owns big-name brands in the industry, such as Bulldog and Draw-Tite, reported an operating loss of $23.9 million in the third quarter of fiscal year 2018. It also reported $227.8 million in sales, a 5.1 percent year-over-year decline. Fourth quarter figures have not yet been released.

Bizon was named Horizon Global's interim CEO in May, taking over for Mark Zeffiro, who resigned amid a company restructuring — just days after it reported a $57.5 million net loss in the first quarter of 2018.

Bizon has told investors that the company's lackluster performance was due to ramp-up challenges at its distribution center in Kansas City, as well as rising input costs and tariffs, which he promised would be addressed under a new leadership strategy.

"With the Americas Action Plan items now complete, we have a greatly reduced cost structure to leverage in the region," Bizon told investors in a written statement in November. "We have also announced price increases to address rising input costs and tariffs. We will start to see the full impact of these actions in our financial results as volume ramps up with our normal seasonality in the second quarter of 2019."

Horizon Global (NYSE: HZN) was trading at $1.69 per share as of late morning Tuesday. Its price per share was just less than $9 a year ago.